NYMEX Crude Oil trading low on weak dollar

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NYMEX Crude Oil | trading | low | weak dollar

By: NYMEX Crude Oil | trading | low | weak dollar

Published: Thursday, June 2, 2011, 17:18 [IST]

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New York, June 2: U.S. Crude inventories climbed the most in a month, according to American Petroleum Institute (API) which lead fall in Crude Oil price. It jumped 3.5 million barrels last week, API said. On the flipside, commodities seems more attractive on weak dollar.

Euro remained high against dollar.

12-nation Organization of Petroleum Exporting Countries (OPEC) meet is also on the schedule, an official from a Middle East nation stated that output needs to increase by 500,000 barrels to 1 million barrels a day in the next several months to meet demand.